Bond Factsheet
BNP 8.000% Perpetual Corp (USD)
BNP Paribas SA
Indicative
Full Lot
Bid Price 99.829
Change in Bid Price 0.023
Bid Yield (%) 8.023 %
Change in Bid Yield 0.004
Ask Price 100.335
Change in Ask Price 0.021
Ask Yield (%) 7.912 %
Change in Ask Yield 0.005
Indicative price as of 09 Oct 2026, 3:59pm
Ask Yield to Worst
Bid Yield to Worst
Ask Yield to Maturity
Bid Yield to Maturity
Bond Issuer
BNP Paribas SA
Guarantor
-
Announcement Date
14 Feb 2024
Issue Date
22 Feb 2024
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 4.866
Modified Duration
3.922 @ 09 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
8.000
Coupon Type
Variable
Annual Coupon Rate
8.000
Coupon Frequency
Semi Annually
Seniority
Junior Subordinated
Capital Structure
Additional Tier 1
Reference Rate
Reset Date: 22 Aug 2031 and every 5 years thereafter
Reset Rate: 5Y UST Rate + Margin (3.727%)
ISIN
USF1067PAF39
CUSIP
ZD0403216
Bond Currency
USD
Total Issue Size
1,500,000,000
Min. Investment Quantity (Nominal)
USD 200,000
Incremental Quantity (Nominal)
USD 1,000
Bond Type
High Yield Corporate
Bond Sector
Financials
Bond Sub Sector
Banks
Issuer Credit Rating (S&P/ Fitch)
***/ AA-
Bond Credit Rating (S&P/ Fitch)
***/ BBB
Shariah Compliant
No
Exchange Listed
Others
Loss Absorption
Statutory Write-down or Conversion:
Acknowledgment: By its acquisition of the Notes, each Noteholder (which, for the purposes of this Condition 18, includes any current or future holder of a beneficial interest in the Notes) acknowledges, accepts, consents, and agrees:
(i) to be bound by the effect of the exercise of the Bail-in or Loss Absorption Power (as defined below) by the Relevant Resolution Authority (as defined below), which may include and result in any of the following, or some combination thereof:
(1) the reduction of all, or a portion, of the Amounts Due (as defined below);
(2) the conversion of all, or a portion, of the Amounts Due into shares, other securities or other obligations of the Issuer or another person (and the issue to the Noteholder of such shares, securities or obligations), including by means of an amendment, modification or variation of the terms of the Notes, in which case the Noteholder agrees to accept in lieu of its rights under the Notes any such shares, other securities or other obligations of the Issuer or another person;
(3) the cancellation of the Notes; and/or
(4) the amendment or alteration of the maturity of the Notes or amendment of the amount of interest payable on the Notes, or the date on which the interest becomes payable, including by suspending payment for a temporary period;
(ii) that the terms of the Notes are subject to, and may be varied, if necessary, to give effect to, the exercise of the Bail-in or Loss Absorption Power (as defined below) by the Relevant Resolution Authority.
For these purposes, the “Amounts Due” are the principal amount of the Notes and any accrued and unpaid interest on the Notes that has not been previously cancelled or otherwise is no longer due.
Conversion upon Trigger Event:
A Trigger Event shall occur if at any time the Group’s CET1 Ratio on a consolidated basis is equal to or less than 5.125 per cent.
If a Trigger Event occurs, the Notes shall be converted, in whole and not in part, into new fully paid Ordinary Shares of the Issuer (the “Conversion Shares”), based on the Conversion Ratio described in Condition 6.2 (Conversion Shares and Conversion Ratio), on the date specified in the Conversion Notice delivered in accordance with the procedures described in Condition 6.3 (Conversion procedure) as the date on which the Conversion shall take place (the “Conversion Date”). The Conversion Date shall occur without delay upon the occurrence of a Trigger Event, and in any event not later than one month (or such shorter period as the Relevant Regulator may require) following the occurrence of the Trigger Event, in accordance with the requirements set out in Article 54 of the CRR in effect as at the Issue Date. On the Conversion Date, the Issuer will deliver the Conversion Shares to the Conversion Shares Depository or another relevant recipient, all as described in Condition 6.3 (Conversion Procedure) (such delivery being the “Conversion”).
Deferral Interest Payment
(i) Optional cancellation
The Issuer may elect at its full discretion to cancel (in whole or in part) the Interest Amount otherwise scheduled to be paid on an Interest Payment Date notwithstanding it has Distributable Items or the Maximum Distributable Amount is greater than zero.
Interest Amounts on the Notes will be non-cumulative. Accordingly, if any Interest Amounts (or part thereof) is not paid in respect of the Notes as a result of any election of the Issuer to cancel such Interest Amount pursuant to this paragraph (i) or of the limitations on payment set out in paragraph (ii) below, then (x) the right of the Noteholders to receive the relevant Interest Amount (or part thereof) in respect of the relevant Interest Period will be extinguished and the Issuer will have no obligation to pay such Interest Amount (or part thereof) accrued for such Interest Period or to pay any interest thereon and (y) it shall not constitute an event of default in respect of the Notes or a breach of the Issuer’s obligations or duties or a failure to perform by the Issuer in any manner whatsoever, and it shall not entitle Noteholders to petition for the insolvency or dissolution of the Issuer.
(ii) Mandatory cancellation
The Issuer will cancel the payment of an Interest Amount (in whole or in part) if the Relevant Regulator notifies in writing the Issuer that, in accordance with the Relevant Rules, it has determined that the Interest Amount (in whole or in part) should be cancelled based on its assessment of the financial and solvency situation of the Issuer.
Issuer Call
First Call Date: The Interest Payment Date falling on or about August 22, 2031.
Additional Note
(i) The number of Conversion Shares to be delivered on the Conversion Date to the Conversion Shares Depository (or another relevant recipient, as per Condition 6.3(ii)) upon Conversion will be the Conversion Ratio as determined in respect of the aggregate principal amount of the Notes outstanding immediately prior to Conversion (rounded down, if necessary, to the nearest whole number of Conversion Shares). Each Noteholder shall be entitled (subject to compliance with the relevant paragraphs of Condition 6.4 (Settlement Procedure)) to receive a number of Conversion Shares from the Conversion Shares Depository (or another relevant recipient, as applicable) equal to the Conversion Ratio as determined in respect of the aggregate principal amount of the Notes held by such Noteholder (rounded down, if necessary, to the nearest whole number of Conversion Shares). The Conversion Shares Depository (or another relevant recipient, as applicable) shall hold the Conversion Shares on behalf of the Noteholders to the extent of each such Noteholder’s entitlement to receive Conversion Shares as set forth above and as described in Condition 6.3 (Conversion Procedure). Fractions of Conversion Shares shall not be delivered on Conversion and no cash payment shall be made in lieu thereof. Accordingly, each Noteholder expressly waives any and all rights in respect of any such fractions of Conversion Shares that may result from the determination of the Conversion Ratio in respect of the aggregate principal amount of Notes that it holds.
Optional Redemption upon the occurrence of a Capital Event: Upon the occurrence of a Capital Event, the Issuer may (at its option but subject to Condition 7.8 (Conditions to Redemption, Purchase, Substitution or Variation) below) at any time subject to having given no less than thirty (30) nor more than forty-five (45) calendar days’ notice to the Noteholders in accordance with Condition 16 (Notices) (which notice shall be irrevocable) and the Fiscal Agent, redeem the then outstanding Notes in whole, but not in part, at their principal amount, together with all interest accrued to the date fixed for redemption (if any).
“Capital Event” means the determination by the Issuer, that as a result of a change in the Relevant Rules becoming effective on or after the Issue Date, which change was not reasonably foreseeable by the Issuer as at the Issue Date, it is likely that all or part of the aggregate outstanding principal amount of the Notes will be excluded from the own funds of the Group or reclassified as a lower quality form of own funds of the Group.
Bondsupermart strives to ensure the accuracy and relevance of the information provided here. If the information is not up-to-date or erroneous, we appreciate feedback to keep it accurate.
Bond Calculator
Yield Calculation
Investment Amount
Nominal Value-
Principal Amount-
Accrued Interest-
Total Payable-
Cash Flow Information